Top management team configurations and IPO performance in new ventures

Prior research on the relationship between top management team (TMT) composition and firm performance has not been able to fully capture the combined influence of simultaneously present TMT characteristics in different contexts. We analyze the joint necessity and sufficiency of TMT heterogeneity and knowledge stock in 2,295 new ventures that went public on North American stock exchanges between 1990 and 2010. Our findings reveal equifinal configurations for high and low performance in Initial Public Offerings (IPOs), complements and substitutes, and the role of internal and external contingencies. Our study contributes to research on upper echelons, new venture teams, and IPOs.